Visa's new pilot allows businesses to use stablecoins for payments
Visa is rolling out a new pilot that lets businesses use stablecoins to send money across borders, aiming to make international payments quicker and less complicated.
Thanks to the recently passed "Genius Act" in the US, which gives clear rules for stablecoin issuers, Visa hopes this move will help free up cash that would otherwise sit in local accounts.
Visa's push into stablecoin payments
With this pilot, banks and remittance companies can pre-fund accounts using stablecoins instead of regular money—making transactions smoother and more efficient.
Mark Nelsen, head of product for Visa's commercial and money movement solutions, says the Genius Act is a big deal because it finally legitimizes stablecoins for major players.
For now, Visa's teaming up with select partners, but there are plans to expand next year as they look to incorporate stablecoin technology into existing financial flows.